CIOT comments on Tax after Coronavirus report

1 Mar 2021

The Chartered Institute of Taxation (CIOT) has commented on the House of Commons Treasury Committee's report into Tax After Coronavirus, which was published today.

CIOT Director of Public Policy John Cullinane said:

“This is the most substantial report on tax reform ever produced by a parliamentary committee.

“We call on the Government to show similar ambition in taking forward tax reform over the rest of this Parliament, including taking up the committee’s recommendation of drawing up a high-level tax strategy and consulting widely on it.

“Among the committee’s recommendations we particularly welcome their support for the introduction of temporary three-year loss carry-back for business trading losses, which is something we have been calling for.

“Inevitably with a report this wide in its scope there are a number of areas where the committee have identified a problem but are not yet in a position to recommend a way forward. These include reforming capital taxes and the taxation of employment. We hope the committee will keep up its interest in tax going forward and examine these areas more closely.”

Notes

Further information on the Treasury Committee’s inquiry into Tax After Coronavirus is here.

CIOT hosted the launch of the ‘Tax after Coronavirus’ report on 1 March. Committee chair Rt Hon Mel Stride and fellow committee member Dame Angela Eagle introduced the report and highlighted key conclusions and recommendations before being interviewed by CIOT President Peter Rayney. To access a recording of the event please CLICK HERE.